Oil price is set on the global market, doesent matter how much the US pumps it wont lower the prices significantly.

Its cheaper to import petrol from Europe than to ship it from the Gulf Coast apparently. Increasing oil production would only mean the US would export more oil. More than the 2 million barrels a day it already exports.
an interesting read:http://www.eia.gov/energyexplained/i...ge=oil_imports